Oppenheimer Initiates Coverage on Turning Point Brands (NYSE:TPB)

Investment analysts at Oppenheimer initiated coverage on shares of Turning Point Brands (NYSE:TPB) in a note issued to investors on Thursday,Briefing.com Automated Import reports. The firm set an “outperform” rating and a $65.00 price target on the stock. Oppenheimer’s price target points to a potential upside of 18.18% from the company’s current price.

Several other equities analysts have also weighed in on TPB. Roth Mkm began coverage on Turning Point Brands in a report on Thursday, September 19th. They set a “buy” rating and a $50.00 target price on the stock. Benchmark boosted their price objective on Turning Point Brands from $45.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday. Roth Capital raised Turning Point Brands to a “strong-buy” rating in a report on Friday, November 8th. Finally, StockNews.com cut Turning Point Brands from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 24th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Turning Point Brands presently has an average rating of “Buy” and a consensus price target of $60.00.

Turning Point Brands Price Performance

TPB opened at $55.00 on Thursday. The stock has a market cap of $973.34 million, a price-to-earnings ratio of 21.83 and a beta of 0.63. Turning Point Brands has a 1 year low of $21.66 and a 1 year high of $55.75. The company has a current ratio of 4.21, a quick ratio of 1.17 and a debt-to-equity ratio of 1.33. The stock has a fifty day moving average price of $43.51 and a 200 day moving average price of $37.90.

Turning Point Brands (NYSE:TPB) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.01. The firm had revenue of $105.62 million during the quarter, compared to analysts’ expectations of $100.71 million. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.69 earnings per share. Analysts forecast that Turning Point Brands will post 2.62 EPS for the current fiscal year.

Insider Activity

In other news, Director Gregory H.A. Baxter sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $39.42, for a total value of $78,840.00. Following the sale, the director now directly owns 46,544 shares in the company, valued at approximately $1,834,764.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On Turning Point Brands

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Turning Point Brands by 6.6% during the 1st quarter. Vanguard Group Inc. now owns 1,497,110 shares of the company’s stock worth $43,865,000 after acquiring an additional 92,147 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Turning Point Brands by 1.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 460,764 shares of the company’s stock worth $14,785,000 after acquiring an additional 4,600 shares during the last quarter. Renaissance Technologies LLC boosted its position in Turning Point Brands by 21.1% in the 2nd quarter. Renaissance Technologies LLC now owns 302,697 shares of the company’s stock valued at $9,714,000 after buying an additional 52,800 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in Turning Point Brands by 45.2% in the 1st quarter. Lord Abbett & CO. LLC now owns 255,309 shares of the company’s stock valued at $7,481,000 after buying an additional 79,489 shares during the last quarter. Finally, Aristides Capital LLC boosted its position in Turning Point Brands by 6.3% in the 2nd quarter. Aristides Capital LLC now owns 202,984 shares of the company’s stock valued at $6,514,000 after buying an additional 12,041 shares during the last quarter. 96.12% of the stock is currently owned by institutional investors.

Turning Point Brands Company Profile

Turning Point Brands, Inc, together with its subsidiaries, manufactures, markets, and distributes branded consumer products. The company operates through three segments: Zig-Zag Products, Stoker’s Products, and Creative Distribution Solutions. Zig-Zag Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products, as well as lighters and other accessories under the Zig-Zag brand.